Overcoming the challenges associated with export and import processes can be difficult for multinational companies. There are numerous regulations in each phase of the import/export lifecycle from different jurisdictions, which increases the stakes for a globalized company. If a company wants to remain profitable and avoid the risks of non-compliance, it must find legal and innovative solutions to these challenges. This article discusses the four common challenges businesses face in managing export and import processes and how an end-to-end trade compliance software can help to overcome them.
Common Import/Export Challenges And How to Overcome Them
The first challenge is how to perform watchlist screening when there are so many lists to consider. Traders must screen all individuals, businesses, and countries before making a deal with a potential client, and this screening process can become complex due to various lists issued by different agencies. An efficient solution is a consolidated watch list screening module offered by OCR. This module allows corporations to check all individuals, businesses, and countries against government and non-government watch lists in one user-friendly interface.
The second challenge is the accurate classification of products to determine applicable licenses and tariffs. Various national and international product classifications, like the Harmonized System (HS) and Harmonized Tariff Schedule (HTS), apply to the import process. Still, other classification systems govern exports, like Export Control Classification Numbers (ECCN). OCR’s product classification module provides a dependable and legally-defensible solution for accurate product classification.
The third challenge is taking advantage of money-saving opportunities without wasting resources. Corporations may miss out on opportunities to offset overheads if their compliance strategy does not include workflows for taking advantage of these provisions. OCR’s FTZ and Duty Drawback modules cut down administrative burdens and eliminate time-intensive manual processes, enabling traders to take full advantage of Foreign-Trade Zones and duty drawbacks with intuitive modules for each provision.
Finally, understanding which agencies have jurisdiction over a transaction is a challenge for traders. An inexhaustive list of agencies in the U.S. alone regulates international trade, making it challenging for traders to identify licensing requirements and other rules that apply to a transaction. OCR’s License Management Module simplifies trade operations from the start of the process by helping traders screen for licensing requirements and controls associated with any given transaction. In addition, these tools help globalized companies understand which agencies have jurisdiction over their transactions and guide them through compliance.
End-to-End Import & Export Management Software
OCR Global Trade Management offers globalized companies the tools they need to engage in legally compliant and profitable trade. Our end-to-end software solution, EASE, gives traders a centralized platform for orchestrating import and export controls. This powerful software suite effectively guides corporations through trade compliance, unifying all departments with the best practices and procedures per ever-changing regulations.
At OCR, we design our software around the needs of our customers. Our customizable solutions integrate seamlessly with your current IT landscape and help you propel operations to the next level. Request a product demo to see firsthand how EASE can help you overcome the above challenges and generate viable solutions for other obstacles between you and the global market.
